3:54 PM Markets at close
Sensex (up 6%), Smallcap index (up 9%) recorded best ever performance since March 2016. In March 2016, Sensex and smallcap index were up 10% each.
However, BSE Midcap index gained 7.5% in October.
Market rundown by Mr. Vinod Nair, Head of Research at Geojit Financial Services
"Market ended on a negative note after a volatile trade due to strong resistance around recent high and profit booking in PSU banks & metal stocks after the recent solid performance. The domestic macros remain positive supported by ample reforms & good Q2 results so far, while rising oil price in the global market and tomorrow’s FED policy influenced domestic market to take a wait & watch approach."
3:37 PM Top Sectoral gainer: Nifty Realty
3:36 PM Nifty PSU bank index down nearly 2%
3:34 PM Top Sensex losers and gainers
Markets at close
Benchmark indices ended maginally lower on Tuesday, retreating from record highs hit in the previous session, as recent outperformers such as State Bank of India fell, while Infosys Ltd dropped after going ex-dividend.
The S&P BSE Sensex ended the day at 33,213, down 53 points while the broader Nifty50 index settled at 10,340, down 23 points
Bharti Infratel rebounds 5% from intraday low
Bharti Infratel moved higher by 3% to Rs 442, bouncing back 5% from its early morning low of Rs 419 on the BSE, after a huge block deal was executed on the counter. On Monday, the stock ended 3% higher at Rs 430.
About 5.78 million equity shares representing 0.31% of total equity of Bharti Infratel changed hands on the BSE, the exchange data showed.
Tata Steel elevates T V Narendran as global CEO & MD
Tata Steel Ltd has promoted T V Narendran as chief executive officer and managing director globally, the company said on Tuesday.
Narendran, 52, a company veteran who joined the Tata ranks in 1988, was serving as managing director (India and South East Asia) for the past four years.
Tata Steel executed and commissioned the Kalinganagar steel plant during Narendran's tenure as managing director and also enhanced the plant's ability to serve higher value segments like steel for automobiles, the company said in an exchange filing.
3:01 PM Market Check at 3 pm
2:42 PM Axis Bank up 9%
Axis Bank added over 9% intraday as investors bet positively on the developments surrounding share purchase talks.
According to a report in The Economic Times, Bain Capital was in talks with the lender to invest around $750 million to $1 billion, which could help it attrain 5% stake.
IMF backs Saudi $500 billion mega-city project
The International Monetary Fund has endorsed an ambitious Saudi Arabian plan to build a $500-billion business and industrial zone extending into Jordan and Egypt, saying the project could benefit the whole region.
Jihad Azour, head of the IMF's Middle East department, said Riyadh would need to balance the huge cost of the zone and other economic projects with its drive to cut a big state budget deficit caused by low oil prices.
2:10 PM China's October factory growth slows on smog war, softer export orders
Growth in China's manufacturing sector cooled more than expected in October in the face of tighter pollution rules that are forcing many steel mills, smelters and factories to curtail production over the winter.
1:49 PM BUZZING STOCKS
Shares of Network18 Media & Investments, Reliance Communications (RCom) and GVK Power & Infrastructure rallied by up to 16% on the BSE in intra-day trade on back of heavy volumes. The trading volumes on these counter more than doubled as compared to an average trading volumes in past two weeks, the BSE data shows. READ MORE
1:30 PM Market Check
RCom shares rise after new debt repayment plan
Shares in embattled wireless carrier Reliance Communications rose more than 10% after the company presented a new debt repayment plan to its lenders. READ MORE
12:55 PM Sectoral trend in noon deals
Bharat Electronics hits record high
Bharat Electronics (BEL) hit a record high of Rs 193, up 10% on the BSE in intra-day trade, after the state-owned company reported a good set of numbers for the quarter ended September 2017 and strong order book position in hand. READ MORE
12:02 PM Markets check
At 12:00 pm, the S&P BSE Sensex was trading at 33,230, down 35 points, while the broader Nifty50 was ruling at 10,344, down 19 points.
Dr Reddy's Q2 earnings
Dr Reddy’s consolidated net profit fell 1.3% year-on-year to Rs 309 crore. The pharma major had reported Rs 305 crore net profit in the same quarter of previous year.
At 11:45 am, the stock of the company was trading nearly 2% higher at Rs 2,469.
Overseas investors turn net buyers in October
Foreign portfolio investors (FPIs) have net-turned buyers of Indian equities in October. So far this month, they have been net buyers to the tune of Rs 1,922 crore. On Wednesday, they had pumped in Rs 6,800 crore (over a billion dollars), the biggest single-day inflow since February. They followed it up with another Rs 1,700 crore worth of investment in domestic stocks on Thursday. READ MORE
Infosys turns ex-date for share buyback and interim dividend
Infosys fell 2.5% at Rs 921 on the BSE intra-day trade after the stock turned ex-date for the proposed buyback and for interim dividend of Rs 13 per share. READ MORE
GM Breweries, IFB Agro Industries, Sanwaria Consumer, HEG, Gujarat Borosil, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Saregama India, Balaji Amines and Bhansali Engineering Polymers were among 21 stocks from the S&P BSE Smallcap index, which rallied over 50% in the month of October. READ FULL REPORT
10:38 AM Axis Bank top gainer
Axis Bank was the top gainer on Sensex and Nifty, rallying over 5% to Rs 510 following news reports that Bain Capital is in advanced talks with the bank to invest Rs 4,800-6,400 crore in what could be one of the largest private equity investments in the Indian banking sector.
Why IDFC, Shriram called off merger
“Despite best efforts the two groups have not been able to reach an agreement on a mutually acceptable swap ratio. As a consequence, the exclusivity period stands terminated with immediate effect,” IDFC informed the stock exchanges.
Shares of Shriram Group companies such as Shriram Transport Finance and Shriram City Union Finance were trading higher by up to 4% on the BSE as IDFC Group and Shriram Group called off their talks for a merger after failing to agree on a swap ratio. READ MORE
Mahindra Logistics IPO opens today
Mahindra & Mahindra subsidiary Mahindra Logistics (MLL), which will open its initial public offering on October 31, with a price band of Rs 425-429 per share, will be the first logistics firm to hit the market after the rollout of GST. The offer will close for subscription on November 2, 2017.
Broader markets outperform
The BSE Midcap and the BSE Smallcap indices added 0.3% and 0.4%, respectively.
9:27 AM Nifty PSU Bank top sectoral loser
9:24 AM Sensex heatmap at open
Markets at open
At 9:18 am, the S&P BSE Sensex was trading at 33,227, down 39 points, while the broader Nifty50 was ruling at 10,349, down 14 points.
Stay long Nifty with stop-loss of 10,250
Obviously, the new highs confirm that the long trend remains bullish and momentum has accelerated. However, this is a new zone so, target setting is near-impossible. Depending on levels of optimism, any target between 10,400 and 10,650 could be hit. The movement was broader on Monday. CLCIK HERE FOR FULL ANALYSIS
Devangshu Datta on Nifty, Bank Nifty, ITC, Ambuja Cements, and HDFC Bank
BUY TVS SRICHAKRA
CMP: Rs 3,201.05
TARGET: Rs 3,520
Wall Street on Monday
Wall Street pulled back from record-high territory on Monday, weighed down by a drop in Merck shares and a report that US lawmakers are discussing a gradual phase-in of much-anticipated corporate tax cuts.
The Dow Jones Industrial Average fell 85.45 points, or 0.36% to 23,348.74, the S&P 500 lost 8.24 points, or 0.32% to 2,572.83 and the Nasdaq Composite dropped 2.30 points, or 0.03% to 6,698.96.
Asian stocks were mostly sluggish, while the dollar sagged following news that investigators probing Russian interference in the 2016 US election had charged President Donald Trump’s former campaign manager. Data showing a sharper-than-expected slowdown in China’s October factory growth also curbed regional investors’ appetite for riskier assets.
Shanghai shares lost 0.3% and Hong Kong’s Hang Seng retreated 0.35%. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2%.
Japan’s Nikkei lost 0.3%, Australian shares were effectively flat and South Korea’s KOSPI added 0.3%.
Singapore Nifty suggests flat opening
At 8:46 am, the SGX Nifty was ruling at 10,392, down 8 points or 0.08%.
8:47 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Tue, October 31 2017. 15:30 IST